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The Marxian origins of monetary institutionalism
[Los origenes marxianos del institucionalismo monetario]

Author

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  • Raphael Porcherot

    (ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay, IDHES - Institutions et Dynamiques Historiques de l'Économie et de la Société - UP1 - Université Paris 1 Panthéon-Sorbonne - UP8 - Université Paris 8 Vincennes-Saint-Denis - UPN - Université Paris Nanterre - UEVE - Université d'Évry-Val-d'Essonne - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay)

Abstract

The two currents of French monetary institutionalism, monetary analysis and monetary approach, exhibit a filiation relationship with Marx. While they effectively overcome the lack of real monetary thought plaguing Neo-Ricardian and Neo-Classical theory, they have significant theoretical costs. The monetary institution does recover in theory its real-life centrality. But restricting the reflection on value to its qualitative dimension alone, which is especially the case of the monetary approach, tends to leave aside the question of the quantitative determination of exchange ratios and profit rate. We propose to recover the definition of abstract labour as the immanent measure of the value expressed in prices to delimit a field of articulation between monetary institutionalism and Marxism.

Suggested Citation

  • Raphael Porcherot, 2019. "The Marxian origins of monetary institutionalism [Los origenes marxianos del institucionalismo monetario]," Post-Print hal-03002593, HAL.
    • Handle: RePEc:hal:journl:hal-03002593
    DOI: 10.4000/regulation.15996
    Note: View the original document on HAL open archive server: https://hal.science/hal-03002593
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    References listed on IDEAS

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